ESMA Reports Sharp Growth in Cross-Border Investment Services Across EU and EEA

The European Securities and Markets Authority (ESMA) has reported continued strong growth in cross-border investment services, with approximately 15.5 million retail clients in the European Union and European Economic Area receiving services from firms located in other Member States during 2025. The findings come from ESMA’s annual analysis, conducted with national competent authorities and based on data collected from investment firms across 30 EU and EEA jurisdictions. A total of 379 financial firms provided cross-border services to retail clients in 2025. Compared with 2024, the number of firms increased by 2%, while the number of retail clients rose by 47%. The number of complaints remained broadly stable, declining by 0.2%. Cyprus was the leading home jurisdiction for firms providing cross-border investment services, accounting for 20% of passporting firms. Luxembourg followed with 14%, while Germany accounted for 12%. France, Spain, Germany and Italy were the main destinations for retail clients receiving investment services from firms based in other Member States. ESMA said the findings will support its monitoring of cross-border investment services alongside national authorities and help supervisors understand developments affecting retail investors across the EU and EEA. The next data collection exercise is scheduled for 2027. The report, titled “Report on the 2025 cross-border provision of investment services to retail clients in the EU and EEA,” was listed by ESMA on 14 October 2026.